iGaming news | Golden Matrix to acquire MeridianBet
Golden Matrix Group, a developer, licensor and global operator of online gaming platforms, systems and gaming content, is to acquire MeridianBet Group.
MeridianBet is one of south-east Europe’s leading B2C sports betting and gaming groups with headquarters in Malta, operating in multiple markets across Europe, Africa and Latin America. The transaction is worth arouund $300m.
The acquisition, when completed, will provide GMG with access to new and fast-growing regulated B2C markets that have expierenced double digit compound annual growth rates since 2020, supported by a network of over 1,100 MerdianBet professionals.
The acquisition is expected to close in the first half of 2023, subject to customary conditions, including GMG raising the required funding, completion of due diligence, GMGIshareholder approval and regulatory approvals.
The combined pro forma revenues of both companies are expected to be greater than $100m in FY2022, with an EBITDA estimated to be greater than $22m for the pro forma year ended October 31, 2022, making the combination financially appealing.
Brian Goodman, CEO of Golden Matrix, said: “We are thrilled to announce our entry into a purchase agreement with the shareholders of MeridianBet Group.
“We believe that this acquisition will provide us entry into a well-established and highly scalable B2C vertical in new markets outside of our core markets.
“MeridianBet Group appealed to us with its proven business model that emphasises organic growth, resilience to external economic factors and exceptional products and technology.
“We are pleased to be on the path to completing this acquisition and look forward to strengthening and growing our position in the global online betting and gaming industry, expanding into new regulated markets and maintaining our ongoing drive to scale the business as a whole at a rapid growth rate.
“MeridianBet Group’s regional market strength, brand awareness and proprietary technology solutions across the enlarged group are also expected to further accelerate our growth and expansion into new territories.”
Zoran Milosevic, MeridianBet CEO, said: “Today marks a major milestone for MeridianBet Group and its employees.
“As a public company traded on Nasdaq, in synergy with Golden Matrix, we expect to set an industry standard when it comes to worldwide gaming platforms and to be in an even stronger position to deliver on our aggressive growth strategy and expand into new markets, including Brazil and the US.
“Our brands, which are well known among worldwide online betting and gaming communities, are stronger together and I am looking forward to working closely with Brian Goodman as we conclude the acquisition.
“I would like to take this opportunity to express my gratitude to Brian for his hard work and determination in what has been a testing global macro economic environment for all. I thank the entire GMG and MeridianBet teams for their dedication and commitment to finalise this agreement.
“We are excited about the many opportunities we can pursue together in the years ahead and we look forward to updating shareholders and employees on our progress and working towards closing the acquisition and continuing as a combined group.”